April 3, 2002

Hyundai will build first U.S. manufacturing plant in Montgomery, Alabama

Seoul, South Korea – Hyundai Motor Company has announced that it will build a $1 billion automotive assembly and manufacturing plant in Montgomery, Alabama. It is the company’s first assembly and manufacturing plant in the U.S.A. Hyundai had previously operated a plant in Bromont, Quebec.

The new plant will begin production in 2005, creating approximately 2,000 jobs in Montgomery and the surrounding area. The facility, to be built on 1,600 acres, is expected to produce 300,000 vehicles per year at maximum capacity.

Hyundai selected Montgomery, Alabama for its first U.S. plant because of its high-quality workforce, its strategic location in proximity to American populations centres, the superb automotive parts supply chain available in the region and the commitment shown by the state of Alabama and the city of Montgomery, which provided the best environment for the new plant.

“Hyundai is in the process of doing more design and engineering in the United States so that our products will be even better adapted to the American consumer’s needs and tastes,” said Mong Koo Chung, chairman of Hyundai Automotive Group. “Our new plant will allow us to build more vehicles for this growing market and get them to our customers more quickly while continuing to produce the high quality, well-styled, high-value products our customers have learned to expect from Hyundai,” he said.

An official groundbreaking for the plant is scheduled for April 16. That event will be attended by Chairman Chung and other leading executives from Hyundai Automotive Group and its U.S. affiliates.

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